BIC says bioeconomy contributed EUR750B to European economy in 2017

In Belgium, the often-underrated bio-based industries continue their ascent marking a total contribution of 750 billion EUR to the European economy in 2017, a notable increase of 50 billion EUR (+>7%) compared to 2016. The nova-Institute report commissioned by the Bio-based Industries Consortium (BIC) also indicated that the bio-based industries employ 3.6 million people in the EU-28. Figures for the bio-based chemical industry (including plastics) alone reveal a turnover of 60 billion EUR and an increase of the bio-based share to 15%, up from 7.5% in 2008.

The analysis of the 2017 Eurostat data shows that the turnover of the total bioeconomy*, including food and beverages and the primary sectors of agriculture and forestry, results in just over 2.4 trillion EUR in the EU-28, meaning an increase by 25% since 2008. Roughly half of the turnover is accounted for by the food and beverage sector, roughly 30% is contributed by the bio-based industries, such as bio-based chemicals and plastics, pharmaceuticals, paper and paper products, forest-based industries, textiles, biofuels and bioenergy. The remaining 20% is generated by the primary sectors – agriculture and forestry.